Hong Kong Imposes Property Tax on Non-Locals to Prevent Bubble

Hong Kong Imposes Property Tax on Non-Locals to Prevent Bubble

Brent Lewin/Bloomberg

Record low mortgage rates, an influx of buyers from other parts of China and a lack of new supply have been underpinning the Hong Kong property market, prompting Leung, who was sworn in as the city’s leader in July, to accelerate land sales and give preference to local buyers in some projects.